Bitcoin Owners Rise Rapidly, Signs BTC Bullish?

Bitcoin attracts the attention of big investors. (Photo; Doc. Vaneck)

JAKARTA - The price of Bitcoin has continued to show positive performance lately and has increasingly attracted large investors. This can be seen from the surge in the number of Bitcoin holders in large numbers, often referred to as "whale". The current situation reflects the growing optimism for the long-term growth potential of crypto assets created by Satoshi Nakamoto.

CryptoQuant CEO Ki Young Ju revealed in his latest report that the number of whale wallets, which refers to large accounts that rapidly accumulate Bitcoin, is increasing significantly. This activity is considered a positive signal for the future of Bitcoin, especially as institutional and individual investors with great wealth increasingly believe in this potential cryptocurrency.

Young Ju menilai bahwa mereka memanfaatkan fase konsolidasi harga Bitcoin saat ini untuk menambah kepemilikan mereka, dengan berharap akan mendapatkan keuntungan lebih besar di masa depan.

He also added that the overall balance of whale wallets has soared to around 1.97 million BTC, which recorded a growth of 813% since the start of the year. The whale owner now controls about 9.3% of Bitcoin's total supply, with a value of around 132 billion US dollars (Rp2,046 trillion).

Young Ju also explained that most of these whale wallets are not related to the Bitcoin exchange or miners, and usually store more than 1,000 BTC per wallet. The average age of Bitcoin stored in these wallets is less than 155 days, signaling that this ownership is relatively new and most likely related to custodial services.

The surge in whale activity was so fast that Young Ju even doubted the data obtained, but these figures show that Bitcoin is increasingly in demand by big institutional players.

In addition, an increase is also seen in the number of active Bitcoin addresses, which is an indication of the growing interest and activity of investors in the crypto market. Since September, the Bitcoin network has experienced a surge in active addresses, signaling an increase in demand for Bitcoin. This increase comes after the decline experienced in July and August when the price of Bitcoin weakened.

Now, active address growth has surpassed monthly and annual averages, showing users' increasing engagement. Historically, this increase in participation has often been an early sign of the bullish cycle, indicating a potential market shift towards a stronger increase.